Euroventures Ukraine Fund I (EVU I)   was established in 1998 and capitalized with EUR 26 million provided by the European Bank for Reconstruction and Development (EBRD), FMO (a Dutch Development Bank) and the founding partners of the Fund. It was additionally sponsored by the Dutch Government under its technical assistance program and concentrated on minority equity investments in private enterprises in Ukraine.

The Fund was 90% capitalized by the EBRD. The balance of it was provided by the partners and FMO, who were co-investing with the Fund and who provided additional financing on a case by case basis. The Dutch government, by sponsoring the Fund, has guaranteed the management fees and the technical assistance fees during the 10-years lifetime of the Fund. The technical assistance fees can and will be used by Euroventures Ukraine Team to hire consultants to help with due diligence and support investee companies with marketing, accounting, MIS and other organizational issues.

Operating since 1998, EVU has invested EUR 22.6 million in ten companies. As of June, 2010, the Fund has fully exited from eight and partially exited from two investments. Two portfolio companies remain active and, including realized investments, they are expected to generate a projected Net IRR to investors of 32% and a cash-on-cash return of 2.8 times.